Steps to Refinancing

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Steps to Refinancing

1. Explore costs

Explore the exit fees or penalties of moving from your current provider. This can include the deferred establishment fees (DEF). However, if you refinance with the same lender you are currently with, the DEF will usually be disregarded.

2. Check your credit score

A credit score is a score that gives you and lenders an indication of your current credit health. Lenders typically use the score to guide the approval process. It is useful to know your credit score as it will provide an indication of your accessibility to credit.

3. Ask yourself: why are you refinancing?

Do you want a better rate or more flexibility? Know what the main driver is and how refinancing will achieve this. A finance broker will assess your objectives and financial goals through refinancing.

4. It is now time for the application phase.

For more information see our Home Loan Refinancing Guide

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